Word: crunched
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...spite of the credit crunch, you have some cash to spare and enjoy fine wine, but need a little help sorting out your cellar, how about adding a personal sommelier to your speed dial? (See Time.com/Travel for city guides, stories and advice...
...while figures such as Geldolf and Bono continue to try to shame the wealthy of the world into giving to the poorest, some tough economic realities are likely to intervene when the eight richest leaders converge in Italy to crunch the numbers for African...
...Just ask English club West Ham United. Asset-management company CB Holding took over the East London club earlier this week, after its Icelandic owner and chairman Bjorgolfur Gudmundsson lost his trousers in the credit crunch. Iceland's Straumur Bank, CB Holding's major shareholder, is itself in the midst of restructuring after being bailed out by the Icelandic government in March. In Spain, once mighty Valencia is effectively controlled these days by local lender Bancaja, its major creditor, after hapless management and a soured stadium-development plan left the club about $725 million in debt. (See pictures...
...container on an East Asia-to-Europe voyage is reportedly currently maxing out at a paltry $500. Though the pace of the drop in rates has slowed, there are signs that charter prices have still not bottomed out, having dipped below the record lows of the 2002 stock-market crunch. According to London ship broker Clarkson, a 3,500-TEU gearless Panamax vessel - the largest vessel that can go through the Panama Canal - pulls in $6,500 a day, down 34% on the $9,500 it was charging in February...
...advent of the personal computer, "phone phreaks" manipulated computerized phone systems to make free long-distance calls. (Reportedly among them, by many accounts: future computer pioneers Steve Wozniak and Steve Jobs, who would go on to found Apple Computer.) One infamous phreak, John Draper, became known as Captain Crunch after discovering in 1972 that he could fool AT&T's network with the tone from a plastic whistle distributed with the breakfast cereal. Computer hacker Kevin Mitnick became a top target for the FBI for breaking into academic and corporate computer systems and causing millions of dollars in damage; after...